The coronavirus pandemic will likely be a 'game-changer' for energy markets, according to analysts at Goldman Sachs.
Oil prices fell sharply Monday morning, as the outbreak continues to crush global demand for crude.
Analysts at Goldman Sachs said they believe the economic impact of the coronavirus outbreak will be "extremely negative" for oil prices, given it is "impossible to shut down a vast amount of demand without large and persistent ramifications to supply." Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud and Russian Energy Minister Alexander Novak at the start of an OPEC and NON-OPEC meeting in Vienna, Austria, December 6, 2019.Earlier this month, oil producer group OPEC and its allied partners, sometimes referred to as OPEC+, failed to agree on extending production cuts beyond March 31.
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